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Question 44 of 48

Q.Legacy is a :

(a) Revenue receipt
(b) Revenue expenditure
(c) Capital receipt
(d) Capital expenditure
Puducherry TnboardTamil Nadu HSC (DGE) Commerce Board 2026MCQ· 1mImportance★★★★★
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Legacy = amount received under a will, non-recurring → capital receipt. Option (c).

In the accounts of a not-for-profit organisation, a legacy is a gift of money or property left to the organisation by a deceased person through a will.

  • It is non-recurring and does not arise from the regular activities of the organisation, so it is a capital receipt and is normally added to the Capital Fund in the Balance Sheet. …
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